Bill Text: MI HB5083 | 2009-2010 | 95th Legislature | Introduced

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Bill Title: Income tax; credit; incentive for individuals who purchase a home close to workplace; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.532) by adding sec. 277.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2009-06-16 - Printed Bill Filed 06/12/2009 [HB5083 Detail]

Download: Michigan-2009-HB5083-Introduced.html

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HOUSE BILL No. 5083

 

June 11, 2009, Introduced by Reps. Leland, Valentine, Kennedy, Geiss and Bledsoe and referred to the Committee on Tax Policy.

 

     A bill to amend 1967 PA 281, entitled

 

"Income tax act of 1967,"

 

(MCL 206.1 to 206.532) by adding section 277.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 277. (1) For tax years that begin after December 31,

 

2009, a taxpayer may claim a credit equal to $3,000.00 for the tax

 

year in which the taxpayer purchases an eligible residence if the

 

taxpayer or both the taxpayer and his or her spouse live in that

 

residence and 1 of them walks to his or her primary place of

 

employment or uses public transportation to get to and from his or

 

her primary place of employment.

 

     (2) To claim that credit under this section, the taxpayer

 

shall attach a copy of the closing documents that relate to the

 

residence, the purchase of which qualifies the taxpayer for the

 

credit under this section, to the tax return on which the credit is

 

claimed.

 

     (3) If the amount of the credit allowed under this section

 

exceeds the tax liability of the taxpayer for the tax year, that

 

portion of the credit that exceeds the tax liability shall be

 

refunded.

 

     (4) As used in this section:

 

     (a) "Eligible residence" means a principal residence as

 

defined in section 7dd of the general property tax act, 1893 PA

 

206, MCL 211.7dd, that meets both of the following criteria:

 

     (i) Is located within 2 miles of the primary place of

 

employment of the taxpayer or his or her spouse.

 

     (ii) The homestead is the primary residence of the taxpayer or

 

both the taxpayer and his or her spouse.

 

     (b) "Primary place of employment" means the place where the

 

taxpayer or his or her spouse is employed for at least 20 hours per

 

week for the portion of the tax year during which the taxpayer or

 

the taxpayer and his or her spouse live in the eligible residence,

 

the purchase of which qualifies the taxpayer for the credit under

 

this section.